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Annual returns: CAC moves against defaulting companies

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Corporate Affairs Commission on Monday urged companies operating in the country to file their annual returns as provided by the law or risk being de-listed from its register.

in Abuja that the call became necessary in view of the need to keep the commission abreast of companies still in operation or otherwise.

“A very vital importance is that filing of the annual return by a company helps to simply keep the commission abreast that such company is still actively in operation and still engaging in business activities or otherwise,’’ Adaguusi said.While emphasising that the Enforcement and Monitoring Department of the Commission would intensify efforts to ensure compliance, Adaguusu urged companies to embrace voluntary compliance.

Adaguusu expressed concern that rather than comply with filing annual returns to the CAC, some companies seek for waiver on penalties.He also pointed out that companies need to be up to date with CAC to enable them to get registered with the Bureau of Public Procurement, BPP.

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